42Restructuring of unit trust for land tax purposes—concession

#### 42 Restructuring of unit trust for land tax purposes—concession 42 Restructuring of unit trust for land tax purposes—concession > > (1) This clause applies in respect of a unit trust (within the meaning of Schedule 1AA) if— > > > > > (a) an instrument is executed on or after 6 June 2006 and before 1 January 2008 that effects a variation to a trust deed for a unit trust, and > > > > > (b) before the instrument is executed, unit holders in the unit trust have fixed entitlements under the trust, and > > > > > (c) the purpose of the variation is to enable the unit trust to satisfy the relevant criteria (within the meaning of section 3A) and, accordingly, to be treated as a fixed trust under that section, and > > > > > (d) the variation does not directly or indirectly result in a change in the proportion of any income or capital to which a unit holder is entitled under the trust. > > > (2) Any land tax payable in respect of the land the subject of the unit trust is to be assessed or reassessed as if the variation to the trust deed took effect on 31 December 2005. > > > (3) Unit holders in a unit trust have fixed entitlements under the trust if— > > > > > (a) the unit holders are entitled to a fixed proportion of the income or capital distributions of the trust (if any are made) based on the number or class of units owned by them, and > > > > > (b) the entitlements referred to in paragraph (a) cannot be removed, restricted or otherwise affected by the exercise of a discretion, or by a failure to exercise a discretion, conferred on any person under the trust. > > > (4) Anything done or omitted to be done on or after 6 June 2006 and before the date of assent to the [State Revenue Legislation Amendment (Tax Concessions) Act 2006](/view/html/repealed/current/act-2006-087) that would have been validly done or omitted to be done if this clause had been in force at the time that it was done or omitted to be done is taken to have been validly done or omitted to be done.